https://www.taxtmi.com/caselaws?id=64117 The Tribunal overturned the disallowance of interest claimed by the assessee, amounting to Rs. 6,400, which was initially upheld by the Appellate Authority Commissioner. The Tribunal emphasized the necessity of concrete evidence to support the disallowance of interest deductions when borrowed funds are used for non-business purposes. Highlighting the availability of interest-free deposits and the lack of proof linking borrowed funds to non-business advances, the Tribunal ruled in favor of the assessee, deleting the disallowance and allowing the appeal. en-us Thu, 20 Jul 1978 00:00:00 +0530 Thu, 03 Feb 2011 18:36:33 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=64117 The Tribunal overturned the disallowance of interest claimed by the assessee, amounting to Rs. 6,400, which was initially upheld by the Appellate Authority Commissioner. The Tribunal emphasized the necessity of concrete evidence to support the disallowance of interest deductions when borrowed funds are used for non-business purposes. Highlighting the availability of interest-free deposits and the lack of proof linking borrowed funds to non-business advances, the Tribunal ruled in favor of the assessee, deleting the disallowance and allowing the appeal. Case-Laws Income Tax Thu, 20 Jul 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=64117